Cliantech Solutions will supply and execute 600 MW turnkey PV panel production line for Dubai-based Magnus Green Solar.
KP Group, a Gujarat-based renewable energy developer, has signed an agreement with UAE’s Tristar to jointly identify and execute wind, solar, green hydrogen, and green ammonia projects in multiple regions globally.
The United States and Israel have the opportunity to provide clean energy solutions for the 300 MW wind-solar project complemented by a battery energy storage system. United Arab Emirates-based companies will explore participation as knowledge and investment partner.
Tata Power has raised INR 4,000 crore (US$ 525 million) from a consortium led by the world’s largest fund manager BlackRock Real Assets and Abu Dhabi sovereign wealth fund Mubadala Investment Company to fund the growth of its renewable energy business.
Abu Dhabi-based International Holding Company (IHC) has signed the agreement to invest US$ 500 million in Adani Green Energy Ltd, US$ 500 million in Adani Transmission Ltd, and US$ 1 billion in Adani Enterprises Ltd.
The Indian multinational EPC contractor has been awarded significant power transmission and distribution contracts in Ladakh and Ayodhya, in addition to overseas projects in Saudi Arabia, Africa and Thailand.
India’s solar tariffs—whilst some of the lowest in the world—are almost double the Gulf region’s US¢1.35-1.80/kWh.
The region’s climate, developing economies and demographic growth are driving increased electricity demand in the Middle East and North Africa. However, as a hub of conventional energy supply, the region has been slow to embrace PV. To capture more of the value chain and deliver the full potential of solar, there are increasing calls for distributed generation deployment to play a bigger role.
Abu Dhabi based Masdar Clean Energy is in talks to acquire a 30-35% stake in Hero Future Energies. With the stake sale, the renewable energy arm of Hero Group expects to raise $300-350 million for its expansion into global markets, according to reports.
With the International Renewable Energy Agency’s number-crunchers predicting almost 5.4 GW of new solar across the six Gulf Cooperation Council nations today, Suhail Mohammed Faraj Al Mazroui said his nation alone would install 6-7 GW of new renewables capacity by 2024, as pv magazine editor-in-chief Jonathan Gifford reports.
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